CONSOLIDATED STATEMENTS OF CASH FLOWS
|
12 Months Ended |
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2015
USD ($)
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net loss |
$ (9,410,352)
|
$ (3,412,754)
|
| Adjustments to Reconcile Net loss to Net Cash Used in Operating Activities: |
|
|
| Issuance and amortization of common stock for services |
1,504,914
|
276,792
|
| Issuance of preferred stock for services |
0
|
1,067
|
| Fair value of warrants issued for services |
47,560
|
51,488
|
| Loss (gain) on settlement |
0
|
(375,547)
|
| Gain on note forgiveness |
(50,000)
|
0
|
| Settlement fees paid in the form of debt |
0
|
150,000
|
| Foreign currency transaction loss |
0
|
31,548
|
| Depreciation expense |
877
|
81
|
| Amortization of debt discount |
3,534,817
|
295,795
|
| Change in fair value of derivative liabilities |
(2,743,676)
|
541,981
|
| Stock option expense |
1,722,288
|
0
|
| Accretion of put premium |
658,420
|
1,044,196
|
| Changes in Assets and Liabilities: |
|
|
| GST receivable |
(17,804)
|
(10,879)
|
| Prepaid expenses and other assets |
18,142
|
(74,303)
|
| Accounts payable |
139,201
|
(47,977)
|
| Employee benefit liability |
23,780
|
20,362
|
| Accrued expenses |
(228,040)
|
115,941
|
| Accrued interest |
300,559
|
(34,270)
|
| NET CASH USED IN OPERATING ACTIVITIES |
(4,499,314)
|
(1,426,479)
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Payment for security deposit |
0
|
(1,684)
|
| Payment for security deposit - related party |
(2,185)
|
0
|
| Purchase of equipment |
(9,879)
|
(3,901)
|
| NET CASH USED IN INVESTING ACTIVITIES |
(12,064)
|
(5,585)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Loan repayments to principal stockholder |
(13,582)
|
(28,455)
|
| Loans repayments to director |
(8,078)
|
0
|
| Loan repayments |
(24,031)
|
0
|
| Proceeds from convertible promissory notes |
4,982,500
|
1,438,500
|
| Repayments of convertible promissory notes |
(401,476)
|
(157,000)
|
| Proceeds from issuance of common stock for cash |
0
|
29,000
|
| NET CASH PROVIDED BY FINANCING ACTIVITIES |
4,535,333
|
1,282,045
|
| Effect of exchange rate changes on cash |
(10,512)
|
169,847
|
| NET INCREASE (DECREASE) IN CASH |
13,443
|
19,828
|
| CASH AT BEGINNING OF YEAR |
107,627
|
87,799
|
| CASH AT END OF YEAR |
121,070
|
107,627
|
| Cash paid during the period: |
|
|
| Interest |
10,757
|
0
|
| Income Tax |
0
|
0
|
| Supplemental Disclosure of Non-Cash Investing and Financing Activities |
|
|
| Common stock issued for settlement of debt |
0
|
152,285
|
| Prepaid common stock issued for services |
767,562
|
269,682
|
| Reduction of put premium related to conversions of convertible note |
1,253,318
|
71,370
|
| Conversion of convertible notes and accrued interest to common stock |
4,899,244
|
374,771
|
| Discounts related to warrants issued with convertible debenture |
712,110
|
0
|
| Discounts related to lender costs |
0
|
48,500
|
| Discounts related to derivative liability |
2,462,355
|
305,000
|
| Conversion of loan payable to common stock |
$ 0
|
$ 66,389
|